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penn
Apprentice
Joined: 07 Apr 2007
Posts: 6
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 Posted: 01/05/08 - 10:34 Post subject: |
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| Hi there! My name is Jim Taylor. I am the owner of a house in Kent. Since I intend to move to London for business reasons, I’d like to sell my old house and get myself a small flat in the city. I’m not very up to date when it comes to taxes. So, I would appreciate if someone could tell me whether I am eligible for the CGT and I also need some info on CGT rates. Thank you in advance. |
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bradley
Apprentice
Joined: 02 Aug 2007
Posts: 10
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| Posted: 02/04/08 - 00:25 Post subject: |
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| Dear Jim, when talking in general, whether you’ll be able for CGT depends on the value of your home. If your house has a bigger value than it used to have when you bought it, then you have a capital gain and you are eligible for the CGT. Having in mind todays real estate market, this is probably the case with your house too. So, let’s say that you have to pay CGT. However, CGT is not required for sale of primary residence. If you have nominated your house as your Principal Private Residence, you will be exempt from paying the CGT. In case you haven’t done that yet, you have an option to nominate it now and then sell it after, I think, two years without having to pay CGT. You asked about CGT rates. They can be 10%, 20% or even 40%. It depends on the overall value of your net income. You have to add your capital gain (gain you got after selling your house) to your entire income and then apply certain CGT rate. That would be all from me. Take care! |
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